Financial Guru Dave Ramsey has not purchased any crypto hype.
In a blog post in September, he likened Crypto’s investment in gambling, warning that it is too unpredictable to build long-term wealth.
“At this point, betting on a certain type of code feels like gambling your life’s savings on the Atlantic City crapstable than your actual investment,” Ramsey writes. “It’s unpredictable to build long-term wealth.”
Known for his conservative approach to personal finance, Ramsey advised investors to stick to mutual funds and retirement accounts instead of crypto. “There are no shortcuts, people!” he said.
On March 2, Trump said the US would establish reserves that include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Cardano (ADA). In the news, Crypto prices skyrocketed, with Bitcoin temporarily winning $95,000. But by Monday, profits had begun to turn back.
“There’s nothing new here,” said Arthur Hayes, former CEO of Bitmex, disregarding Trump’s announcement. “Just say it when they get council approval to borrow money or increase the gold price. Without it, they don’t have the money to buy bitcoin and shit.”
Bitcoin has already fallen 5% since the original pump, dropping to around $89,500. Other ciphers that Trump named — ETH, SOL, XRP, and ADA, have been pulled back from their best.
Ramsey’s central argument is that cryptography is too volatile for serious investments. Instead, he recommends growth equity mutual funds, which have historically provided an average annual revenue of 10-12%.
However, crypto-related stocks are also struggling. Mining companies like Coinbase (Coin), Strategy (MSTR) and Hut 8 (Hut) all had big early profits on Monday, but most returned when the market was revised.
Even Strategy (MSTR), which owns almost 500,000 BTC, won 15% in early trading, but fell 51% from its peak in 2024.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are extremely unstable and dangerous. Always conduct your own research before making an investment decision.